Las Vegas Sands President: ‘We’ll be at head of class’ after pandemic
Las Vegas Sands President Robert Goldstein defended CEO Sheldon Adelson’s decision to pay Las Vegas employees through the end of October, telling CNBC it was the morally right thing to do.
Adelson pledged to pay 8,000 employees in Las Vegas full salary and benefits through 31 October.
“We’re taking a long term view,” Goldstein said during a CNBC interview. “The short term view to furlough people and cut costs, and that’s doable. The Adelson family has chosen a different approach.
“We also believe business wise when things do return we’ll build a team that lasts a long time to come. When business recovers we’ll be at the head of the class.”
The Venetian Las Vegas reopened on 4 June.
Las Vegas Sands also owns the Sands Expo and Convention Center, which has taken a hit with numerous convention cancelations into next year.
CES, the annual trade show that brings more than 100,000 people to Las Vegas each year, announced this week that it will move fully online for 2021.
“CES is the best of the best as far as Las Vegas shows go,” Goldstein said. “It’s not a good thing for the city. It’s hurtful short term, but we have an air lift problem as well. Vegas needs to fill all these rooms all the time at high rates. CES and shows like it drive that business. We can’t be a regional drive-in destination for California.”
Las Vegas Sands reported a $985m loss during Q2, or 97%. Sands China Ltd saw a quarterly net loss of $549m.
Goldstein said the lack of international travel from Asia to Las Vegas will hamper growth in the upcoming months.
“We’re in for some more pain around here,” Goldstein said. “What changes it? Probably is a vaccine or immunity or something that changes the consumer perception of this virus. I don’t see that happening short term.”
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